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Fidelity FundsNetwork scraps pension fees in simplification drive

Fidelity has scrapped a series of charges associated with the FundsNetwork pension, including for drawdown and transfers, in an effort to simplify its fee structure.

The changes, which are effective immediately, will see all FundsNetwork pension customers charged a 0.25 per cent platform service fee plus a flat £45 “investor” fee.

Previously, Fidelity charged pension investors £100 for using capped drawdown and £300 for flexible drawdown, while anyone wanting to transfer their policy away from the firm was charged £75.

An overseas charge of £250 and a pension sharing order charge of £150 have also been removed.

FundsNetwork head of sales Paul Richards says: “Our decision to remove all additional charges with immediate effect means that whether clients are in the accumulation phase or the decumulation phase and whether or not their circumstances change, they will only pay the standard, flat rate, fees. 

“We have simplified what was already a very straightforward pricing structure and made it easier for advisers to compare pension products available via platforms.”

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